The Benefit of Providing Benefits

The Benefit of Providing Benefits – Growers Edge and HR Interviews 

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• What’s working for Ag – Growers Edge  www.growersedge.com
  • Introduce the guest.  Dan Cosgrove the CEO of Growers Edge which provides data-driven fintech solutions for the ag industry
    • Before joining Growers Edge in 2019, Cosgrove served as the global leader of corporate development and licensing at Corteva Agriscience. During his time at DuPont Pioneer (now part of Corteva Agriscience), he served as the vice president of business development and held various legal roles, including chief patent counsel and IP group leader. Early in his career, he was a lawyer focused on patent litigation as a partner at Zarley, McKee, Thomte, Voorhees & Sease.
    • Growers Edge Financial, Inc. puts grower profits first by delivering grower income assurance through data-driven financial technology products, solutions and tools for the agricultural sector. Empowering farmers to adopt new technologies to increase profitability, Growers Edge solves the financial gaps of farmers by changing how agricultural inputs and services are sold, allowing them to capture more value and improve profits. Led by a proven team of crop management leaders and backed by top agtech investors, the company is headquartered in Johnston, Iowa.
  • What got my attention was the back of your company’s business cards.  The top corner says “Where farmers’ profits are first”. What does that mean to Growers Edge and you?
  • You have an app that is free to use.  Can you share what that app can accomplish for a farmer?
    • Cash grain bids
    • Live market alerts & news
    • Bin level tracking
    • Weather forecasts
  • Where is Growers Edge headed next?
    • Innovative financial solutions
      • Grain and insurance integration
      • Financing
    • Solutions for Agribusinesses
      • Income Assurance
        • Changing the way farmers buy products
• Main Topic -What are benefits worth to you and your farm?
  •  Introduce the guest.  Talk about accomplishments, the qualifications, any events they may have coming up, products they pedal, and how to get in contact with them.
• Why would paying attention to benefits packages or providing benefits at all be something a farm operator should be considering as a factor of whole farm profitability?
• Typically how many hours per week must one work to get access to company benefits?  Each business can determine benefit eligibility requirements from how many hours worked constitute eligibility to what group employees it if offered to.   ACA requirements state that employees who work 30 hours a week or 130 hours a month are considered full-time for health insurance.
  • Can part time workers receive benefits? Yes- if the employers elects to offer it.  It can be the same rate as FT or a higher rate
• How much does a health insurance premium cost? (whole cost not employee share). will all vary depending upon deductible level, HMO vs. PPO, or full-insured vs. self-insured.
  • Individual-$400.-$500
  • Married-$800.-$1000
  • Family-$1000-$1700
• How much does a dental/vision insurance premium cost? (whole cost not employee share) Dental                                   Vision
  • Individual            $40                                         $7-10
  • Married                $75                                         $15-$20
  • Family                   $105                                       $22-$26
• What structures are common in the work place for percentage covered by employer versus that of the employee?
• What have you noticed to be the most valuable “fringe” benefit to employees outside of health insurance and PTO?  Ie: health & wellness, cell phone reimbursement, etc…..  Each survey states something different but what I have found to be most consistent is Retirement benefits and flexible work schedules.
• What are good resources for someone who is looking at providing their employees with benefits and don’t know where to start?  Google is a wonderful thing a quick search can answer a lot of questions.  Benefits brokers can help provide information and provide expertise on different benefit options.  If we are talking to farmers I am not sure if Farm Bureau offers some of these resources or not.  Possibly FBN can help.
• What have you seen employers doing to gain a competitive advantage when hiring employees? Higher wages, signing bonuses, tuition reimbursement, paid family leave, paid maternity or paternity leave, professional development, student loan assistance, wellness programs, work from home, flexible work hours, on-site gym, etc.. The sky is limit hear based upon the size of the wallet of the company.
• Are you aware of group benefits programs for those who are self-employed?
• 401 K contributions; explain the power of compounding interest
• Ask your employees what they need to get from you to make them never leave! 
• If you are looking at providing a sign on bonus, how should you go about setting the amount?
• What are things even out there that are considered “benefits”?
  • Work vehicles, child care, legal insurance, health insurance, retirement contributions, fitness incentive, charitable contribution matches, 529 plan matches, volunteer time off, over-time/double-time, employee referral bonus, new business commission, accident free bonuses, apparel, bereavement, paternity and maternity leave, beverages & snacks, …….
• Summarize
  • What are the ways you could use benefits to attract or retain a higher quality of help?  What could your farm do to use benefits to increase its profitability? Could you work for benefits and have part-time help for low wage work?
• Challenge
  • Let’s break our spending down on a monthly basis. Then take it over an annual income.  Are we comfortable with this or are there some things we could change in structure?
• Conference Update
• Submit questions and topic suggestions

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